Manila, Philippines - Lawmakers hailed the successful outcome of President Ferdinand R. Marcos Jr.'s international efforts to attract foreign investment, highlighted by the recent arrival of a high-level United States trade and investment mission in the Philippines. During a press conference on Monday, Deputy Speaker David Suarez praised President Marcos's role in facilitating the significant visit, attributing the mission's inception to the President's active engagement and promotional activities abroad.
According to Philippines News Agency, the US trade mission's presence in Manila is a testament to the tangible benefits of foreign direct investments (FDIs) for the Philippines, particularly in bolstering the country's economy and reinforcing its national defense amid regional tensions. "This initiative is timely as we deliberate on proposed economic amendments to the Constitution aimed at attracting more foreign investments," Suarez stated, highlighting the potential impact of constitutional reforms on facilitating investment.
Echoing Suarez's sentiments, 1-RIDER Party-list Rep. Rodge Gutierrez emphasized the role of the proposed economic constitutional amendments in creating a more inviting environment for foreign investors. Gutierrez pointed out the strategic value of President Marcos's international visits, which have now begun to yield positive results with the launch of this unprecedented US trade and investment mission.
Cagayan de Oro City Rep. Lordan Suan also commended President Marcos for his proactive approach in promoting the Philippines on the global stage, underscoring the importance of supporting these efforts through economic reforms. "It's crucial that we aid him by amending restrictive economic provisions in our Charter, thereby easing the pathway for foreign investments," Suan remarked.
The mission, led by US Secretary of Commerce Gina Raimondo from March 11 to 12, includes 21 American business leaders and senior corporate executives. The delegation also features notable figures such as celebrity and philanthropist Allan Pineda, better known as Apl.de.Ap from the Black Eyed Peas and founder of the Apl.de.Ap Foundation International, highlighting the diverse interest and potential for collaboration between the two nations.
The arrival of the US trade mission not only signifies a milestone in the Philippines' efforts to deepen ties with international investors but also reinforces the country's strategic position in the global economic landscape.
PARAÑAQUE CITY, Philippines — The United States Presidential Trade and Investment Mission (PTIM), led by US Secretary of Commerce Gina Raimondo, has pledged over USD 1 billion in investments in the Philippines, signaling a significant boost to the country's priority sectors. The mission, which runs from March 11 to 12, includes top executives from 22 US companies and business organizations.According to Philippines News Agency, the investment commitment focuses on "high impact investments in high impact industries," aligning with the strategic priorities of the second Marcos administration, including renewable energy, electric vehicles (EVs), digitization, and telecommunications. A key component of this investment initiative is the plan to train over 30 million Filipinos, offering education and training opportunities in digital technologies and artificial intelligence (AI), aimed at equipping them for high-paying jobs.
One notable partnership highlighted by Raimondo involves Microsoft teaming up with the Technical Education and Skills Development Authority (TESDA) to train more than 100,000 women in AI and cybersecurity skills. Microsoft also plans to deploy an AI learning roadmap to facilitate digital and AI upskilling for tens of millions of students in the Philippines, along with introducing a co-pilot chat box tool for open AI services.
The PTIM's visit, a result of President Ferdinand R. Marcos Jr.'s recent trip to the US, aims to reinforce economic ties between the two nations. Raimondo expressed confidence in this mission as the start of a new wave of economic engagements, celebrating the longstanding "iron-clad" alliance between the US and the Philippines, which has persisted for over 72 years.
Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go assured that the Philippine government would provide "red carpet treatment" for these critical investments from US companies, emphasizing efforts to improve the ease of doing business and swiftly address investors' concerns.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual encouraged US businesses to consider the Philippines as their central hub in Asia, mentioning the expansion plans of logistics giants FedEx and UPS as part of the PTIM's initiatives. This influx of investment and technological expertise is expected to drive significant economic growth and innovation in the Philippines, reinforcing its position as a key player in the Asia-Pacific region.